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NZOG commits to US$7mln drill costs for onshore Indonesia well

Monday 12th December 2011

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New Zealand Oil & Gas has taken a 90 percent interest in an onshore Indonesian exploration licence, and will commit around US$7 million to a drilling campaign next year.

The company has been signalling its interest in Indonesian opportunities over the past year, but is making no further detail of the arrangement public until early next year, owing to commercial sensitivities.

NZOG says it has also secured a second Joint Study Agreement (JSA) over open acreage in Sumatra, with studies already well advanced for its first JSA in Sumatra, which was granted in August.

NZOG shares rose 0.7 percent to 71 cents last week.

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